Computer Services,(CSI) (OTC Pink Sheets: CSVI) announced today that it acquired Summit Financial Solutions, a privately-held company based in Jefferson City, MO.
Summit is a leading provider of check imaging solutions written for Check 21 image exchange and branch/merchant capture. The acquisition adds customers in 30 states, including over 250 banks, 600 branch bank capture sites and 250 merchant capture sites. Summit had 2006 revenues of approximately $8 million. Terms of the transaction were not disclosed.
"Summit is a leading provider of image capture software solutions for branch banks and merchants and has been CSI's key supplier of these services," stated Steven A. Powless, President and CEO of CSI. "We are excited about joining with Summit to expand our market for image capture services, one of the fastest growing segments of the financial services industry since Check 21 was implemented nationwide in October 2004. Many banks have embraced remote image capture for branches to replace traditional courier services, further fueling growth of Summit's services.
"Summit also provides COLD and document storage for many of its customers. Their software is developed on the latest platform and has been ranked as number one in the industry for the last three years in terms of competitive replacements. Summit's software is fully integrated with CSI's platform, as well as with a number of major bank processors. We believe we have excellent opportunities to cross-sell Summit's image capture solutions across our core banks at CSI.
"We plan for Summit to operate as an independent subsidiary," continued Mr Powless. "Ron Thill, founder and CEO of Summit, will remain with the company along with his current management team. They have been very successful in building the company, and we believe we can further leverage their growth with CSI's backing, similar to our success with the ATTUS Technologies acquisition.
"Check imaging has been one of the fastest growing segments of CSI's business, and Summit's imaging software fits well with our strategic plan. Their system allows banks and merchants to scan checks for immediate transfer and funds credit through the Federal Reserve's Check 21 network. Their system also replaces costly courier services, eliminates encoding and increases funds availability. We believe this is a strong growth market for Summit and CSI."